On the weekly chart, gold is very close to a massive crash. I think the bulls have no power here and I don't even want to see a huge red candle.
As you can see on the chart, there is a rectangle consolidation pattern with multiple touchpoints and also an ascending parallel channel that is currently breaking down!
Next target is 1370 USD, and I think we will hit this target very quickly. After that, we want to see a strong bounce from this level, because otherwise we will go even lower!
This is a bullish Elliott Wave count, so wave 4 should not go below previous wave 1 because this may invalidate this bullish scenario.
Interest rates are growing, and so are bonds. We have a strong dollar and everyone prefers to hold cash, even with high inflation.
This is not looking good for the stock market, crypto and gold at all. But you can still make money if you open a short position on the futures market or purchase some put options.
Look at my ideas about Bitcoin and Ethereum in the related section down below.
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